Nine banks to pay $2bn to settle for forex rigging

14 August 2015

banks The scandal of banks diddling the foreign exchange rate is a thing that just won't go away, and the nine major banks that have been accused of doing it have agreed to pay $2bn (that's £1.28bn to you) to investors in settlements, according to a law firm that are involved in the case.

Plaintiffs have "reached settlements totaling more than $2bn with Bank of America, Barclays, BNP Paribas, Citi, Goldman Sachs, HSBC, JPMorgan, RBS and UBS," say the Hausfeld firm in a statement. They represent the investors.

While there's no official word on how that money will be split up, rumour has it that Barclays will have to pay $375m, HSBC $285m, BNP Paribas around $100m, and Goldman Sachs about $130m. They've probably got that money as loose change in their old jackets.

This follows other banks who have already agreed to make payments, with JPMorgan Chase coughing up $99.5m, the Bank of America paying $180m, Citigroup $394m and Swiss UBS at $135m.

Barclays, JPMorgan Chase, Citigroup and RBS all pleaded guilty to US Justice Department relating to charges of conspiring to manipulate the massive currency market.

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